CTIHCenter for Training in International Health (University of Texas Medical Branch)
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TPG has full ownership interest in TPG(HK), which holds a controlling stake in Hong Kong listed CTIH.
Downgrade rating triggers for TPG, TPG(HK), CTIH and its operating subsidiaries include:
- Significant change in the Chinese Ministry of Finance's shareholding in TPG and CTIH that results in the ministry losing its controlling interest in both holding entities;
The Possible Acquisition, if materialized, would enhance the proven exposure of CTIH in its core markets and enable the Company to fully capture the strong growth potential of the PRC insurance industries.
According to the Restructuring Proposal, TPG is contemplating the sale of certain assets and liabilities of TPG and TPG(HK) to CTIH, which may include (i) equity interests in certain non-wholly-owned subsidiaries of the Company, including a 25.05% equity interest in TPL, 38.79% equity interest in TPI, 20% equity interest in TPAM and 4% equity interest in TPP; (ii) equity interests in overseas P&C insurance companies owned by TPG and TPG(HK), namely 100% equity interests in each of TP Macau, TP Singapore and TP UK, and a 55% equity interest in TP Indonesia; and (iii) equity interests in certain property holding companies and other companies owned by TPG and TPG(HK) and certain liabilities relating to the companies being acquired.
These companies are non-wholly-owned subsidiaries of the core insurance and assets management business of CTIH. The Company will successfully achieve a wholly-owned holding structure or greater ownership of these four companies though the Possible Acquisition, if materialized.